Aspinwall’s operating margin improves, but other income props up profit
Consolidated revenue rose 93.43% QoQ and margin gained 2.49 percentage points, yet operating margin remained 18.28 points below the Services peer median.
Filed 04 Nov 2026, 16:43 IST · after market close · Aspinwall & Company Ltd (ASPINWALL)
Key takeaways
- Consolidated operating margin rose 2.49 percentage points QoQ to 3.45% as revenue growth of 93.43% outpaced expense growth of 88.57%.
- Other income contributed 80.3% of consolidated profit before tax, making the Rs 2.90 cr net profit less representative of operating earnings.
- Aspinwall’s 3.45% operating margin was 18.28 percentage points below the 21.73% median for 45 Services peers.
Price around the results
Sequential recovery came with thin operating profitability
The quarter marked a sharp consolidated recovery from Q1FY27, with revenue growth of 93.43% outpacing expense growth of 88.57%. That operating leverage lifted operating profit growth to 592.66% and widened the margin by 2.49 percentage points. The improvement was substantial sequentially, but the resulting 3.45% margin remained modest.
Interest rose sharply while other income supported profit
Interest expense increased 123.56% QoQ to Rs 3.89 cr, absorbing part of the operating improvement. Other income represented 80.3% of consolidated profit before tax, so reported earnings were materially supported below the operating line. The tax rate also rose 41.75 percentage points, meaning the profit recovery was not aided by a lower reported tax rate.
Margin improved sequentially but lagged most Services peers
Aspinwall’s 3.45% consolidated operating margin was 18.28 percentage points below the 21.73% median among 45 Services companies that had reported the quarter, placing it eighth from the bottom. The available quarter sequence shows margin rising from 0.96% in Q1FY27 to 3.45%, a positive sequential move but not yet a multi-quarter trend.
Results were filed after market close
The company filed its consolidated Q2FY27 results at 16:43 IST on 04 Nov 2026, after market close. The immediate post-results market response is therefore not part of this update.
Q2FY27 at a glance
Consolidated figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q2FY27 | Q1FY27 | QoQ |
|---|---|---|---|
| Revenue | ₹219 cr | ₹113 cr | +93.43% |
| Other income | ₹3 cr | ₹2 cr | +64.60% |
| Expenses | ₹211 cr | ₹112 cr | +88.57% |
| Operating profit | ₹8 cr | ₹1 cr | +592.66% |
| Operating margin (%) | 3.45% | 0.96% | — |
| Interest | ₹4 cr | ₹2 cr | +123.56% |
| Depreciation | ₹3 cr | ₹2 cr | +100.67% |
| Profit before tax | ₹3 cr | ₹-1 cr | — |
| Tax | ₹0 cr | ₹0 cr | +150.00% |
| Net profit | ₹3 cr | ₹-1 cr | — |
| EPS (₹) | ₹3.71 | ₹-0.90 | — |
Operating margin of 3.45% compares with a Services sector median of 21.73% across 45 peers that have reported Q2FY27.
What to watch
- Whether consolidated operating margin holds above 3.45%.
- Whether interest expense remains below or above Rs 3.89 cr after its 123.56% QoQ increase.
- Whether other income’s 80.3% share of profit before tax declines.